The Babylon Bitcoin staking protocol saw a significant increase in participation during its second round, with users locking up $1.4 billion worth of BTC. Co-founder David Tse mentioned that the process went smoothly, unlike the first round, as Bitcoin fees remained stable. Babylon aims to create a marketplace where users can earn rewards by staking Bitcoin, while proof-of-stake networks enhance security. By implementing a 'duration-based' approach in the latest round, transaction costs were significantly reduced compared to the initial round. The project, backed by a recent $70 million funding round, plans to launch its own proof-of-stake network, Babylon Chain, to support other chains. Despite being in the early stages, Babylon's innovative approach to Bitcoin staking has garnered significant attention and investment interest. Read more AI-generated news on: https://app.chaingpt.org/news